Notts cashes in on rising London property prices

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IT was a long time coming, but the South-North migration is on. That is according to Graham Lang, partner at Chewton Rose.“As we have been aware for a little time, the London market has been on the rise. Greater London has seen an 18 per cent rise in house prices in the last year, and people are now starting to cash in on their good fortune.”

And it isn't just in London; much of the property within the M25 circle has experienced excellent growth in house prices.

Graham said: "Only last month it was reported that the gap between London and the rest of the country was at its widest, with the average difference of up to three times."

It is logical, therefore, that for some people relocating looks an attractive option.

Graham added: "We have seen a number of people who, having sold their property in the South are moving further North and taking advantage of the excellent value of property.

"The East Midlands is superbly placed for such relocaters. The rail network now offers a quick link with the capital; trains from Grantham to King's Cross take just over an hour and Newark is a few minutes more."

The estate agent said he has seen an increase in demand for properties, particularly between Nottingham and Grantham but also around the Newark area.

"It is amazing what your money can buy within the East Midlands. We recently had a couple who had lived all of their lives in London.

"Their son lived in Nottingham because of work and they decided to relocate to be closer to him. They had recently retired and had no particular ties to that area.

"Having sold their three-bedroom terraced house in a popular London suburb for £650,000, they relocated to a barn conversion with four bedrooms in a beautiful village and paid £565,000, topping up the pension fund in the process.

"It was a great move – a real win, win for all concerned.

"This is a good time to sell. There are increased buyers in the market.

"The weather has improved so gardens and the countryside are looking much better. My advice is to catch the spring market; there is a good chance that a buyer from London may be calling."